European Union leaders are under pressure from investors to devise a comprehensive plan to rescue the region's banks before a Group of 20 summit in November.
"A blanket recapitalization of banks, in some cases, over-capitalizing those banks, would be the only thing that's going to restore confidence at this juncture," Simon Maughan, head of sales and distribution at MF Global Ltd. in London, said in a Bloomberg Television interview yesterday.
Plans to inject capital into Europe's banks are "well under way," European Commission President Jose Barroso said yesterday. The European Central Bank also reintroduced yearlong loans, giving banks unlimited access to cash through January 2013. Lenders in the region may need as much as 200 billion euros ($269 billion) of additional capital, according to the International Monetary Fund's European head Antonio Borges.
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